Cango Newsletter 20210805
Regulators will steadily carry forward the high-level opening of capital, focusing on promoting the opening of a few non-convertible items. The next step will be to expand the scale of qualified domestic institutional investors through the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and Bond Connect, and to launch "cross-border wealth management" business pilot in open areas and other channels. The Bond Connect "Southbound" is being prepared in full swing.PBOC Set the Focus of the Second Half, to Maintain a High Pressure on the Speculation of Virtual Currency Transactions
PBOC held a conference to discuss its work plans on July 30. It mainly focused on the following aspects: adhering to a prudent monetary policy, accelerating the improvement of the green financial system, effectively preventing and resolving major financial risks, continuously strengthening macro-prudential management, further promoting financial opening steadily, deepening financial reform in key areas, urging and guiding platform enterprises to make comprehensive rectification in accordance with regulatory requirements, strictly speculating on virtual currency trading, maintaining well financial services and management.The Foreign Exchange Bureau: RMB Exchange Rate to Continue the Two-way Fluctuations any Fed Moves Will Have 'Controllable' Impact
Data show that the first half of the bank settlement of 7.8 trillion yuan, the sale of 7.0 trillion yuan, settlement surplus of 876 billion yuan; bank customers involved in foreign revenue 18.4 trillion yuan, foreign payments 17.2 trillion yuan, a surplus of 1,222.8 billion yuan of foreign-related receipts and payments. The double surplus of bank settlement and cross-border payments in the first half of the year is mainly due to the high level of receipts and settlements under trade in goods, which is related to the better situation of domestic resumption of work and production.
On August 3, State Administration of Market Supervision (SAMR), announced Tuesday it has started investigating price gouging in the automotive chip market. The regulatory body promised to strengthen supervision and punish illegal acts such as hoarding, price hikes and collusive price increases, according to price monitoring and reporting clues.The Latest "Top 500 Companies in the World" Unveiled, China's Major Automobile Groups Showed Dazzling Performance
August 2, Fortune announced its latest list of the world's top 500 for 2021, in which China became the world's top country in terms of the number of finalists with 142 companies on the list. China's main auto groups performed particularly well. SAIC and Dongfang Group entered the top 10 of the world's auto groups. BAIC Group, which surpassed FAW Group by $100 million this year, performed strongly. GAC Group and Geely Group performed particularly well, both of which maintained a $10 billion annual growth.The Meeting of the Political Bureau of the CPC Central Committee Emphasized the Support for Accelerating the Development of New Energy Vehicles!
On July 30, the meeting of the Politburo Bureau of the CPC Central Committee made a request as “Support for accelerating the development of new energy vehicle”, that has a profound impact on the entire industry. The automobile industry is a backbone of the national economy, and the energy reform represented by new energy vehicles is an important support for economic transformation. This request can not only effectively drive the entire industrial chain, but also solve difficult problems of building an industrial ecology and give an impetus to the economic vitality.The new Automobile Manufacturers are Through into an Overcapacity Circle. The key to Survival is Getting rid of the “Money Burning” Model
With the vigorous development of the new energy vehicle industry, while new automobile manufacturers spring up, they are through into the dilemma of cycled construction. In the case of severe overcapacity, whether new automobile manufacturers can get rid of the "money burning" model and focus on building advanced production capacity has become the key to breaking the siege.